I want to take this opportunity to highlight an important piece of legislation that I am cosponsoring to stop the continuing foreclosures across the United States.
* The Housing Opportunity and Mortgage Equity (HOME) Act, H.R. 363, would allow all homeowners with mortgages backed by Fannie Mae or Freddie Mac to refinance at the current interest rates for up to 40 years at a fixed rate--as many as 30 million homeowners. Refinancing would allow homeowners to take advantage of the current historically low market interest rates and significantly lower their monthly mortgage payments, resulting in fewer foreclosures and helping to stabilize the housing market and our economy.
This bill will assist homeowners who are struggling to make mortgage payments and help halt the steady stream of devastating foreclosures that are hitting our communities across the country. I am proud to support this large scale solution.